Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 1121 Charity number.. 1148849 BELAZU FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 2121 BELAZU FOUNDATION CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report Statement of financlal actlvltles 10 Balance sheet statement of cash flows 12 Notes to the financial statements 13-19
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 3121 BELAZU FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2024 Trustees William Jackson Food Group Olivia Henson lappoinled 13 November 20231 Adam Wells The Fresh Olive Company Charity reglstered number 1148849 Prlnclpal office The Fresh Olive Co Ltd 74 Long Drive Greenford Middlesex UB6 8LZ Accountants James Cowper Kreston Chartered Accountants Reading Bridge House George Street Reading Berkshire RG18LS Page 1
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 4121 BELAZU FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 2024 The Trustees present their annual report together with the financial statements of Belazu Foundation (the Charity) for the 12 month period ended 30 April 2024. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's goveming document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151. Objectives The Belazu Foundation is focused on supporting food and educational projects for children and families in the UK and around the Mediterranean to promote education and healthy eating lo inspire futLJre generations. Main activities The Trustees believe that the activities detailed below further the charills purpose on public benefit. The Trustees have had due regard to the Charity Commission guidance on public benefit. Achievements and performance Review of activities Zakoura Foundation The Zakoura Foundation provides quality education in Morocco, targeting vulnerable populations in rural areas. The Zakoura Foundation was the first charitable partner of the Belazu Foundation. We have been working together since 2003 to provide education facilities and education for over 1400 women and children. Not only do they learn French and Arabic on lop of their mother tongue Berber, but they are also offered different projects about hygiene, parenting, healthy food and sewing. The Belazu Foundation has helped with supporting two schools in two villages in the Atlas Mountains around Marrakesh, Aourir and Tidli. This programme was renewed in October 2023 for a further year for Auorir and two years for Tidli al a cost of £21,000 for the initial year and £7,500 for the second year of Tidli. Across the two schools the programme was delivered for 45 preschool children aged 4-6 years old and 65 mothers over the 12- month period. Main objectives.. The social development of the child Basic learning School dropout prevention Awareness on the issues of preschooling for the benefit of the community Zero absences were recorded for pre-school children al both schools. Girfs represent 530/0 (Tidlil and 690/. IAurorirl of total enrollmenl. Environmental awareness sessions were integrated in the presch(iol programme with two sessions delivered on the importance of water in human and animal life. School Food Matters School Food Matters campaigns for fresh, sustainable school meals and delivers food education programmes to get children cooking, growing and out onto a farm. Fun and Food Club The Fun and Food Club project provides children with regular access lo a healthy hot meal and safe play during the Summer and Easter holiday. We have been working with Willow Tree since the beginning of the Fun and Food Club. Summer Fun and Food The summer Fun and F(iod club took place at Willow Tree Primary School in August 2023. For this programme we donated £12,000 and this resulted in 87 children aged 3-11 years attending the Fun and Food club for 10 days. Each day was aclion-packed with a range of play-themed activities on offer, as well as food education sessions Page 2
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 5121 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2024 led by SFM. This year, we welcomed Chantelle Nicholson and her restaurant team (Apricityl lo host an additional cooking session with the children. A hol, nutritious lunch was provided for the children each day with a strong emphasis on improving the children's confidence around food. The programme, which took place from 1 Oam lo 2pm each day, supported families in the Willow Tree community by offering both financial and emotional respite in response to the ongoing cost of living crisis. However, it also ensured that children could have fun in a safe and supportive environment. Belazu volunteers were a crucial part of this mission as they supported staff and children through each day of the scheme. 1 OOQ/o of children had fun and said that they had enjoyed the programme and 88 /0 said that they had made new friends {Ihis increased from 93 /0 and 81°/0 in 20231. 100 /0 of parents suNeyed said that they were 'salisfied' with the programme. The programme supported families financially by providing access to a hot, nutritious meal each day for free. 77 /0 of parents with children eligible for free school meals said that the programme had a positive influence on household food costs. Over the course of the len days, 572 meals were seryed lo children. Children were very positive about the quality of food with 67 /0 describing il as 'fanlaslic' or 'really good,. Volunteers and leaching staff were crucial lo sel a positive example lo the children during lunchtimes by promoting fruit and vegetable uptake. Stsff commented on the improved ability of children to inleracl with their peers and develop their social skills- We've been able to see children in their best form throughout the two weeks with many learning, and putting into practi, valuable life skills. A new house system was introduced to accommodate the higher number of younger children aged between 3-6 years old and those with SEN lapprox. 50 /0 per dayl. Teachers noted that il allowed children lo develop their soft skills and build their Confiden in social sellings= 'It's been a real highlight lo see the peer support develop within the club, especially how the older children have looked after the younger ones throughout the weeks.. This year, children also gol the chance to make a scrapbook which documented the activities they'd been involved in during their lime at the club. Teaching staff took photos of each child every day and these were printed so that children had a memento to take home at the end of the programme. This proved popular with the majority of the children. The food education part of the programme proved particularly effective in improving children's relationship with food. During the second week, the children had an exciting visit from Chantelle Nicholson and her entire restaurant team. The team of 15 arrived lo host a cooking session which incorporated fresh produce from the school garden (plants generously donated by Belazul. All of the children were involved in the haNest and sourced a variety of different crops including blackberries, carrots, beetroot, lettuce, tomatoes, beans and cabbages. The children were then invited to return to the school hall where they had the option of preparing either blackberry pancakes, flatbreads with Belazu toppings or a fresh salad. The day was a great SucsS with many children citing it as their favourile activity out of the two-week programme. One young boy, who had previously described his goal of becoming a chef, said that the experience was 'an honour and a privilege" Chantelle was so inspired by the young chef that she is now in contact with Willow Tree lo organise work experience for him in her restsurant. Easter Fun and Food The Easter Fun and Food club and The summer Fun and Food club look place al Vvillow Tree Primary School in April 2024. We have been working with Willow Tree Sin the beginning of the Fun and Food Club. This year, due lo water supply issues, the programme only ran for two days. However, the programme, which look place from 1 Oam to 2pm each day, still maintained its overarching goal of alleviating food insecurity for the Willow Tree community by providing a hot, nulrilious lunch for the children each day. It also ensured that children could have fun in a safe and supportive environment. Due to lime reslriclions, only one Belazu volunteer was able to allend, however they provided support lo stsff and children throughout the day. In total we donated £4,900 and this resulted in 37 children allending the Fun and Food club for 2 days. The scheme supported children's leaming and nulrilion. The DHT for Inclusion slated that the motivation for the scheme was based on. Acknowledging the link between good food and nutrition, as well as pupils will leave the club with greater Confiden in their abilities., attainment and emotional wellbeing. The programme supported families financially by providing a¢$$ lo a hol, nutritious meal each day for free. 11 also alleviated parent stress of caring for children over holidays= 'Knowing my child was well, safe and looked after and not having lo worry about childcare., 100 /0 of parentslguardians surveyed said that they were 'salisfied' with the programme. 640/0 children said that they had enjoyed the programme. Over the course of the three days. 57 meals were setved to children. 11 is important lo note that the first day of Page 3
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P W21 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2024 the programme was Eid, which affected allendance. The DHT said that 60 students had signed up, however, due lo Eid falling on the 1 Oth April, numbers were lower on both days. Children enjoyed having fresh fruit for dessert on both days. The oranges were really juicy and nice.. Cooking sessions were delivered for children that wanted to participate. During the sessions, children made rainbow rolls and were able lo touch, smell and try lols of fresh ingredients. These were made by combining fresh produce such as peppers, spring onions, carrots, basil, and lelluce with tofu, mixing with a sweet and spicy sauce and rolling in rice paper. The children enjoyed making their rolls colourful and loved the sensory element of making the rice paper soft in warm water. One student enjoyed the session so much that she stayed for the second session and taught her peers how lo make the rollsl One SEN student, who we were told by the DHT is a very picky eater, engaged well in the session and touched and smell many of the ingredients and enjoyed rolling up the soft, rice-paper wraps. Fresh Enter rise The Fresh Enterprise programme runs each year between January - April lo give school children an insight and inspire them towards a career in the food industry. In the past year, 50°/o of students who look part experience a disadvantage (difficulties in engagement or allendance, special educational needs or from a lower income background). Ealing Borough has a lower employment rale compared lo the national average and the programme aims lo address this through developing the future talent of tomorrow. A total of £9,100 was donated lo fund this project. School participation.. Ellhorne Park High School Belvue School Whilefield School Kingsley Academy Vyners School Hatch End High School Domers Well High School Fealherslone High School Ealing Ealing Barnel Hounslow Hillingdon Harrow Ealing Ealing Full programme Full programme Full programme Full programme Mini programme Mini programme Mini programme Mini programme The 2024 programme consisted of the following elements.. A tour of Belazu's specialist premises in Greenford for four of the schools, where they mel the people behind the products, from production line to packing, all the way lo distribution and marketing. 47 students and 9 teachers attended in person during the full programme. 90 students participated in a virtual lour during the mini programme. A visit from our food teacher, Sharon Conrad, for a creative cooking maslerclass, where students could focus on lasle and flavours and were challenged with creating a brand new Belazu product. 101 students and 8 teachers attended. A marketing workshop where students learned about creative ways lo design an eye-catching label for their product and tslked about essential presentation skills. 125 students and 11 teachers allended. A lasting panel, where the students who created the favourile products al the cooking session presented their pastes lo a panel that included Belazu's NPD Manager and Procurement Director. All 8 schools attended. 87°/o of students suryeyed had tasted a new food or flavour during the course of the project, and 740/0 of students were more interested in cooking as a result of taking part in Fresh Enterprise. Over half152°/ol had learned a new cooking skill. 65 /0 of students surveyed said they were more interested in selling things they'd made after the programme, and 52Q/o were more interested in a career in foodl food growing. lffley Academy lffley Academy is an academy for children with complex special educational needs in Oxfordshire. Once a year the Belazu Foundation organises a fun day for the children of the lffley Academy in Oxford. The fun day is a day where the children can play in a safe environment. But also, where the families can meet each other. A lol of families have never met the parents of their children's friends as the children come from all over Oxford and are mostly picked up by the school bus. This day gives the children the possibility lo play wth their friends and the parents can exchange shared experiences. Page 4
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 7121 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2024 Activities organsied for the event included an inflatable obstacle course, crazy golf, garden games, face painting. smoothie bikes and cupcake decorating. Belazu volunteers cooked pizzas for school children and their families, who were able to select ingredients including fresh vegetables and Belazu ingredients. The event cost £5,235 10 run. Chefs in Schools Chefs in Schools, mission is to encourage and enable schools across the UK lo serve great, creative school food that doesn't just fill young people up, bul feeds their imagination loo. They believe that teaching the next generation how lo cook and enjoy real food is crucial for their long-temi physical and mental health. Four more schools benefilled from match funding and started the food transformation programme this year, reaching 1,245 school children. Kings Cross Academy Frank Bames School for deaf children Henry Cavendish Schools in Streatham and Balham £20,000 was donated lo support these projects and £4,485 was brought forward from the previous year of funding to total £24,485 to support the projects. Case study= Henry Cavendish school in both Slrealham and Balham onboarded on the yearlong School by School programme. Chef Nathan, got in touch with us after hearing about Chefs in Schools on the BBC Food Programme. He was so inspired by what he heard. Nathan has now been employed as Executive Chef across both sites, supporting both kitchen teams in their school food transformation. The school will be investing in new kitchen equipment and our intensive training will begin in September, led by our Chef Trainer Andy. Chefs in Schools surveyed school leaders and chefs from our partner schools to understand more about the impact and effectiveness of our work since transitioning onto the programme.. 88 10 reported they were either satisfied or very satisfied with the quality and choice of food (compared lo 24 10 Wlth their previous catering arrangement) 94 10 were either satisfied or very satisfied with the healthiness of food (compared to 24 /0 Wlth their previous catering arrangement) 75°/o were either satisfied or very satisfied with the morale of the kitchen team Icompared to 35 /0 Wlth their previous catering arrangement) Almost thirds reported seeing an improvement in pupil concentration Over 80.10 feel that pupils are now consuming more fruit & veg and are more likely lo try new foods More than half reported developing their food education & involving their chefs in ils delivery Flnanclal revlew Since 2012 the Belazu Foundation has allocated over £636,000 lo educational projects in UK and around the Mediterranean. In 2023-2024 the Belazu Foundation raised £84,725 through 3Q/o profil donation by Belazu Ingredient Company, fundraising events and donations. Staff from the Belazu Ingredient Company helped lo raise funds through cake sales, jar sale, a raffle and other internal aclivilies. Belazu staff gave their lime lo volunteer with the programme run by the Belazu Foundation. In total, £76,061 was donated by Belazu Ingredients Company and £5,396 was raised through internal fundraising. During January, profits from website sales every Friday of the month were donated, lolaling £1,805. Through selling Belazu products that have passed their best before dale or with wonky labels on Too Good To Go, £1,463 was raised from customer facing fundraising. Reserve Pollcy The policy on reserves will be monitored by the Trustees al regular meetings and reviewed on a regular basis. The Trustees are of the opinion that the charity maintains adequate resetves lo cover future expenditure. In instances where available funds are in deficit, this will be managed by reviewing the outgoing spend commitments and seeking additional sources of funding in the next financial year. Page 5
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P W21 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2024 Constltutlon The Trust is constituted by trust deed dated 31 August 2012. The Charills registered charity number is 1148849. Method of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. Rlsk Management The Trustees have assessed the major risks lo which the Charity is exposed, in particular those related lo the operations and finan$ of the Charity and are satisfied that systems and procedures are in place lo miligale our exposure lo the major risks. Future plans In 2024-2025 the Belazu Foundation will continue lo support food and educational projects for children and families in UK and around the Mediterranean and promote education and healthy eating lo inspire future generations. The Belazu Foundation will keep supporting School Food Matters. The Food and Fun club will be organised in both the Easter and summer holidays. Fun and Food Club will offer more structured aclivilies. The partnership with our longest charitable partner, the Zakoura Foundation, will continue and together with the villages we have been supporting the past years, we will investigate other possibilities lo support them and increase their accessibility lo education. This will be the final year supporting Auorir school as the government will lake il on as a stale funded school. We will look lo identify a new school lo support. We will organise lffley Fun Day, bringing a team of volunteers lo put on activities, including pizza making, for the school children and families. We will continue our partnership with Chefs in Schools lo support the delivery of the School-by-school programme and a contribution to their core costs to help them with expanding their reach. The Fresh Olive Company will continue lo contribute 39/0 of their profits, alongside fundraising from internal events and customer fundraising. Trustees. responsibilltles statement The Trustees are responsible for preparing the Trustees, report and the financial stslements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient lo show and explain the Charills transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 9121 BELAZU FOUNDATION TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 30 APRIL 2024 Approved by order of the members of the board of Trustees and signed on their behalf by.. David Balmer Trustee - Fresh Olive Company Dale.. 14 March 2025 Page 7
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 10121 BELAZU FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 APRIL 2024 Independent Examinevs Report to the Trustees of Belazu Foundation {'the Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 30 April 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe 2011 Act'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement Your attention is drawn lo the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection wth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements conceming the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 8
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 11121 BELAZU FOUNDATION INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 This report is made solely to the Charity's Trustees. as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters l am required lo stale to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed= Alexander Peal Bsc (Honsl FCA P, Dated.. 17 March 2025 James Cowper Kreston Chartered Accountants Reading Bridge House George Street Reading Bert¢shire RG1 8LS Page 9
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 12121 BELAZU FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Other trading activities 76,061 8,664 76,061 8.664 51,928 9,502 Total income 84.725 84.725 61,430 Expendlture on: Charitable activities 101.589 101,589 95,635 Total expenditure 101.589 101.589 95,635 Net movement in funds (16,864) 116,864) 134,2051 Reconciliation of funds.. Total funds brought forward Nel movement in funds 8,462 (16.8641 8,462 (16.8641 42,667 134,2051 Total funds carried forward 18,4021 18,402) 8,462 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 19 fomi part of these financial statements. Page 10
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 13121 BELAZU FOUNDATION BALANCE SHEET AS AT 30 APRIL 2024 2024 2023 Note Current assgts Debtors Cash at bank and in hand 27,082 5,997 5,773 5,773 33,079 Creditors.. amounts falling due within one year 114,1751 124,617) Net current liabilities l assets 18,402) 8,462 Total assgts less ¢urrgnt liabilities 18.4021 8,462 Total net assets 18.402) 8,462 Charity funds Reslricled funds Unreslricled funds 10 10 18.402) 8,462 Total funds 18,402) 8,462 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by= Dd&nr1dM2S16A3JSGmfDJwc4O) David Balmer Trustee- Fresh Olive Company Dale.. 14 March 2025 The notes on pages 13 to 19 fomi part of these financial statements. Page11
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 14121 BELAZU FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Note Cash flows from opgrating activities Nel cash used in operating activities 12 12241 134,9651 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 12241 5.997 34,9651 40,962 Cash and cash equlvalents at the end of the year 13 5,773 5,997 The notes on pages 13 to 19 fomi part of these financial statements Page 12
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 15121 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies 1.1 Basls of preparatlon of flnanclal statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP IFRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Belazu Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. 1.2 Golng concern The accounts have been prepared on the going concern basis. The Trustees are satisfied that sufficient funds will be available lo support the activities of the Charity for at least 12 months from the date of approval of the Trustees report. 1.3 Income All income is recognised once the Charity has entillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. 1.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not allributsble lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff Costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.5 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Page 13
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 16121 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accounting policies Icontinuedl 1.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investrnenls with a short maturity of three months or less from the date of acquisition or opening of the deFlOSit or similar account. 1.7 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability- The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.8 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Total funds 2023 Donations 76,061 76,061 51,928 Total 2023 51,928 51,928 Page 14
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 17121 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 Other fundraising events 8,664 8,664 9,502 Total 2023 9,502 9,502 Analysls of grants Grants to Institutions 2024 Total funds 2024 Total funds 2023 Grants 67,718 67,718 63,951 Total 2023 63,951 63,951 The Charity has made the following material grants to institutions during the year= 2024 2023 Chefs in Schools School Food Matters Zakoura sponsorship 20.000 26,150 21,568 26,000 28,674 9,277 67,718 63,951 Page 15
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 18121 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities Support costs Total funds 2024 Total funds 2023 2024 2024 Expenditure 10,535 67,718 23,336 101,589 95,635 Total 2023 5,358 63,951 26,326 95,635 Analysls of dlrect costs Total funds 2024 Total funds 2023 Actlvltles 2024 lffley fun day Banquet 9,610 925 9,610 925 5,358 10,535 10,535 5,358 Total 2023 5,358 5,358 Analysls of support costs Total funds 2024 Total funds 2023 Actlvltles 2024 Staff costs 19,880 1,440 2,016 19,880 22,977 1,389 1,960 Miscellaneous costs Governance costs 2.016 23,336 23,336 26,326 Total 2023 26,326 26,326 Page 16
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 19121 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Independent examiner's remuneration 2024 2023 Fees payable lo the Charills independent examiner for the independent examination of the Charitvs annual accounts 2.016 1,960 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits12023 - £NILI. During the year ended 30 April 2024, no Trustee expenses have been incurred12023 - £NILI. Debtors 2024 2023 Due wlthln one year Other debtors 27,082 Crgditors: Amounts falling dug Within ong year 2024 2023 Other creditors 12,159 2,016 22,697 1,920 Accruals and deferred income 14,175 24,617 Page 17
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 20121 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 10. Statement offunds Statement of funds - current year Balance at 30 April 2024 Balance at 1 May 2023 Income Expenditure Unrestrlcted funds General Funds - all funds 8,462 84,725 1101,5891 18,4021 Statement of funds - prlor year Balance al 1 May 2020 Balance at Income Expenditure 30 April 2021 Unrestricted funds General Funds - all funds 42,667 61,430 195,635) 8,462 11. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Current assets 5,773 114,1751 5,773 (14.1751 Creditors due within one year Total 18,4021 18,402) Analysis of ngt as$gt$ betwegn funds - prior period Unrestricted funds 2023 Total funds 2023 Current assets 33,079 124,6171 33,079 124,6171 Creditors due within one year Total 8,462 8,462 Page 18
Virtualsignalure Transaction Rel. 54ZQ.JZKL-M3ZK 14 Mar 2025 16.43-.36 GMT (UTC +01 D 111 P 21121 BELAZU FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 12. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Nel expenditure for the period las per Statement of Financial Acliviliesl 116.8641 134,2051 Adjustments for: Decrease in debtors Decrease in creditors 27,082 110.4421 1,293 12,0531 Net cash used In operatlng actlvltles 12241 134,9651 13. Analysis of cash and cash equivalents 2024 2023 Cash in hand 5.773 5,997 Total cash and cash equivalents 5,773 5,997 14. Analysis of Changes in net debt At1May 2023 Cash flows At 30 Aprll 2024 Cash at bank and in hand 5,997 12241 5,773 5.997 12241 5.773 15. Related party transactions During the period ending 30 April 2024, Belazu Foundation received donations of £76,061 12023.. £51,929) from The Fresh Olive Company Limited Iva Belazu Ingredient Company), a company in which the Trustees are Directors. During the period ending 30 April 2024, Belazu Foundation received donations of £nil lyear ending 30 April 2023.. £nill from Trustees of the Foundation. At the year end the charity owed £14,93412023.. £nill lo Belazu Ingredient Company. Page 19